Bitcoin (BTC) Maintains Strong Momentum, Approaching Multi-Month Highs – 7 November 2023
Bitcoin (BTC/USD) continues to show positive momentum as it nears a fresh multi-month high around the 35997.80 level, marking its strongest performance since May 2022. Bids around the 34500 level have propelled BTC/USD towards the 35410 area, testing a 23.6% retracement level. Later, buying pressure surfaced near 34753.66, further pushing BTC/USD higher to test the 23.6% retracement of the broader appreciating range.
The recent high of 35997.80 tested an upside price objective linked to previous buying pressure at 28122 and 32525 levels. This high also tested the 50% retracement of a historical depreciating range and the 61.8% retracement of a separate depreciating range. Traders have activated Stops above the 34190.77 level, a significant downside price objective related to historical selling pressure.
Further upside price targets include various levels up to 44269. On the downside, areas of support can be found at 33761, 33378, 32377, and others. Technical indicators indicate a bullish trend, with moving averages (MA) signaling positive trends both on the 4-hourly and hourly charts.
Price action is currently closest to the 50-bar MA, while support is expected at lower levels. Technical resistance is anticipated at higher levels, with possible stops above them. On the 4-hourly and hourly charts, indicators show a mix of bullish and bearish signals.
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